"These calculations imply that, as a result of the collapse of the housing bubble, millions of middle class homeowners still have little or no equity even after they have been homeowners for several decades."

Buying is just renting, but you have to replace your own appliances when they brake.

@barich1: but many people (including flippers) are "stuck" with properties they really want to sell, but they are waiting for the market to "recover". In the meantime, they rent (until they are foreclosed upon). Also, children start living with they parents instead of renting, or renting among a group of people becomes more common.